Veriscape & ProcurementFlow held a joint webinar on 29 May 2024 and here are our key take takeaways and a recording from the day.
In today's digital age, many businesses are still grappling with manual procurement processes. These processes often slow down efficiency and hinder visibility. This webinar, in collaboration with our partner ProcurementFlow, a cloud-based procurement platform provider, delved into the challenges of manual procurement and highlighted the benefits of transitioning to a digital procurement platform, illustrated through successful case studies.
Overcoming the Hurdles of Manual Procurement: Tackling Time-Consuming Tasks and Hidden Bottlenecks
Manual processes are the reality of procurement, but they come with their own set of challenges and opportunities for improvement. They can be quite time-consuming, involving repetitive tasks such as data entry and seeking approvals through email chains. This can be frustrating for procurement teams, as it increases the risk of errors and delays. Additionally, they limit visibility into the procurement process, making it challenging to identify bottlenecks and optimise spending.
Embracing Digital Procurement: Streamlining Tasks and Enhancing Visibility
Digital procurement platforms offer a compelling solution to these challenges. By automating manual tasks, such as purchase order generation and approvals, platforms like Veriscape and ProcurementFlow streamline the procurement process, saving procurement teams valuable time and resources. Real-time data dashboards provide greater visibility into spending patterns, enabling businesses to identify areas for cost reduction and make data-driven decisions.
Leadership Perspectives: Embracing Digital Procurement for Enhanced Efficiency
Pradeep Sriganesh, CEO of Veriscape, and Tarmo Saidla, CEO and co-founder of ProcurementFlow, offered valuable insights into navigating the shift to digital procurement. They emphasised a phased approach i.e, businesses should start by identifying areas where manual processes are creating the biggest bottlenecks in procurement. By automating these tasks first, they can create value for their teams and tackle more complex challenges to improve business efficiencies.
Some questions that were asked during the webinar included:
1. What is a typical timeline for implementing a digital procurement platform?
In order to understand and get to the problem, with Veriscape’s services the project extends up to 2 months (6-7 weeks) while for implementation of the platform, Procurementflow the process is straightforward with 2-4 weeks of time.
2. How do digital procurement platforms integrate with other enterprise systems, such as ERP or accounting software?
They integrate mostly with all ERP software's out there. The integration time is either a couple of hours or can stretch to a few days.
3. How does one calculate the return on investment with digital procurement platforms?
Both speakers emphasised on time saving as being one of the biggest ROIs with implementing digital procurement platforms.
In summary, digital procurement platforms go beyond task automation; they encompass a transformation of the entire procurement journey. Through streamlined workflows and enhanced visibility, these platforms empower businesses to attain higher efficiency, cut costs and gain a competitive advantage.